# Finance Act 2003, Paragraph 16

Extent: E+W+S+N.I.

Where a lease is granted in consideration of the surrender of an existing lease between the same parties—
(a) the grant of the new lease does not count as chargeable consideration for the surrender, and
(b) the surrender does not count as chargeable consideration for the grant of the new lease.
Paragraph 5 (exchanges) of Schedule 4 (chargeable consideration) does not apply in such a case.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/17A/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-17A/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.